Admin
01 Feb, 2019
UDM welcomes resignation of PIC board
The United Democratic Movement welcomes the resignation of the Public Investment Corporation’s (PIC) board. The Mpati Commission can now go ahead and do a thorough investigation into the ins and outs of the allegations of corruption that surrounds the PIC. The UDM has equivocally stated in the past that the current board cannot play judge and jury in the investigation into the apparent corruption at the PIC. An interim board must be appointed as soon as possible, but not in a rushed manner. The UDM calls on finance minister Tito Mboweni, to ensure that all potential members of an interim board are thoroughly screened and vetted before they are appointed to ensure that the people who serve on it, is above any suspicion. Issued by: Mr Bantu Holomisa, MP UDM President
Admin
26 Sep, 2018
Public Protector to investigate allegations of corruption by Min Zweli Mkhize re PIC deals
The United Democratic Movement earlier this year wrote to President Cyril Ramaphosa wherein we revealed possible corruption that involved the Public Investment Corporation (PIC), Zonkizizwe Investments (which we understand to be solely owned by the ANC), some ANC heavy weights and Afric Oil. The alleged broker between the PIC and e.g. VBS Mutual Bank and the various municipalities was Minister Zweli Mkhize. We have been reliably informed that the Public Protector will be investigating the allegations with the affected individuals being subpoenaed to appear before the Public Protector on the 4th of October 2018. All those involved in syphoning money from the PIC are to explain themselves and their conduct; this includes the people who brokered any suspicious deals with the PIC. We call on the Public Protector to leave no stone unturned in teasing out who was involved and to what extent the allegations are true. Issued by: Mr Bantu Holomisa, MP UDM President
Admin
26 Sep, 2017
UDM rejects Government’s attempts to tap into PIC funds to bail out failing SOEs
The allegations that the Ministry of Finance is trying to access Public Investment Corporation (PIC) funds to bail out failing State Owned Enterprises (SOEs) confirm the United Democratic Movement’s (UDM’s) long-held suspicion that the mafia styled ruling elite would, once cash-strapped, extend its grubby hands to workers’ pensions entrusted to them for safekeeping. The true intention of these transactions is not to bail out struggling SOEs, but rather to ensure that there is enough state resources to plunder for those “whose turn it is to eat”! We therefore reject any attempts by government to use PIC funds to fund failing SOEs. Bearing the aforementioned in mind, the UDM believes that steps should be taken to develop a mechanism to protect workers’ assets against abuse and misuse by government. Such a mechanism should, among others, also ensure that workers, as a key stakeholder, have a voice in how and where their assets are invested and accessed. In addition, steps should be taken to restructure the PIC board to ensure that other stakeholders are accommodated and that it is not under the full control of government. We call for the implementation of more checks and balances, with minimal bureaucracy, such as risk mitigation systems and a watertight Code of Ethics. We demand a comprehensive investigation of all transactions since 2009, as we believe that under Mr Zuma, the PIC may have been used as a source of funding for suspicious deals that have nothing to do with growing an inclusive and distributive economy. Statement issued by: Mr Nqabayomzi Kwankwa, MP UDM Deputy President and Chief Whip
